AMERICAN LIFE INSURANCE COMPANY v. Powell

SIMPSON, Justice.

This is a bill by two minority stockholders (holders of about one-tenth of one per *563cent of the outstanding shares) of American Life Insurance Company and alleges a loss to the corporation of over a million dollars due to the misconduct of the management of the corporation. The action is, of course, derivative and on behalf of the corporation.

The managing officers were alleged to he defendants Wert (president and director) and Montgomery (vice-president and director). Hobbs, also a defendant, was treasurer and Autrey, not a party, was agency director, all of the American…